According to “Here’s how millennials could change health care” (USA Today, February 7, 2016) the health care needs of millennials differ from those of the generations that precede them (generation X. baby boomers, and senior citizens – see chapter 3 for discussion of different generations). Review the influences on the consumer decision process in chapter 5 (see Exhibit 5-2). From reading the article or drawing on personal observations, identify how at least one factor in each category (economic needs, psychological variables, social influences, culture and ethnicity, and purchase situation) could influences how a millennial consumer choose and consumes health care.
Demographic data supports the notion that the rich keep getting richer; the top 1% of American households controlling more than 40% of the country’s wealth. That is up from less than 30% just 20 years ago. Luxury goods makers and service providers have responded to these changes. Many are segmenting the market and targeting the wealthiest “one percent” with exceptional quality and/or service. “In an Age of Privilege, Not Everyone Is in the Same Boat,” (New York Times, April 21, 2016) describes these trends and how it is playing out in the cruise business. Using concepts from chapter 4, name [Continue Reading …]
The future of the automobile industry, while still blurry, is beginning to come into focus. Experts agree that self-driving cars are the future. But will we own one of these cars? Or will a self-driving Uber pick us up and take us where we want to go as needed? Planning for these potential futures are challenges facing all carmakers. Chapter 3 briefly explores the influence of technology with the example of the driverless car. “The Ultimate Driving Machine Prepares for a Driverless World” (Fortune, March 1, 2016) digs deep into this future from the perspective of German carmaker BMW. The [Continue Reading …]
The website brandchannel has launched a series of short case study articles. A team of Yale MBA students evaluate a purpose-driven startup and offer some marketing strategy recommendations. We used a different case from this series in chapter 1. In this case (see “Hungry Harvest – No Food Waste, No Hunger, brandchannel, April 25, 2016), Hungry Harvest tries to tackle two seemingly dichotomous problems – food waste and hunger. It tries to put some of the 40% of produced grown in the U.S. that goes to waste with into the mouths of 50 million poor Americans who don’t get enough [Continue Reading …]
The website brandchannel has launched a series of short case study articles. A team of Yale MBA students evaluate a purpose-driven startup and offer some marketing strategy recommendations. In “Hugo & Hoby – Quality, Sustainably Sourced Furniture,” (April 27, 2016) you learn about a startup furniture maker that needs to move from making sustainably sourced furniture for friends and family to a wider market. Read this article and review the recommendations made by the team of Yale MBA students. What concepts from chapter 1 do you see demonstrated in this case study? Can you think of any other ideas for [Continue Reading …]
We are pleased to unveil a new feature with this edition of Essentials of Marketing. One of the challenges we face with writing a marketing textbook is offering students the most current examples. With this edition, we have added a new What’s Now? feature. A link at the end of each chapter sends readers to a web page that introduces them to a new example relevant to that chapter. What’s Now? links are updated every six months and provide a great way to link current events with each chapter of the book. Over the next couple of weeks we will be releasing a What’s Now? link for [Continue Reading …]
This article, “How Japanese Marketing Secrets Sparked The American Ramen Revolution” (Fast Company, February 23, 2015) describes how ramen has become the latest hot cuisine. And more interesting to those of us teaching marketing, the article highlights the role of marketing in this fad. This might be a fun example to discuss when you cover Product — new product development or fads (is it a fad or here for the long haul?).
B2b brands can be creative, too. Usually we see many of the most interesting campaigns for consumer brands. Nothing could be more B2B/industrial than heavy equipment. Caterpillar (the high quality, premium priced tractor and heavy equipment maker) has been running a fun viral campaign for about a year now: “When you choose Cat®, you get what you pay for — durable and reliable equipment, and long-lasting relationships. Discover what we’re built for…” Do help customers discover what Cat is built for, they have released a series of five (so far) clever videos demonstrating their products in action. The videos are well-done two-minute stories. [Continue Reading …]